VANCOUVER EAST MARCH APARTMENT MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release observes this year beginning like 2023 when we saw a flat start only to witness momentum gaining through spring and into summer. Meantime paradoxically, the experience last month was a Buyers market absent of Buyers. You have to go back to March of 2019 for sales as low as this March yet mortgage rates are low, prices are easing and there is ample inventory. Year to year newly listed properties are up 29 percent. The total inventory is now 37.9 percent higher than March 2024. Meantime this March recorded a 13.4 percent decrease in residential sales compared to last March. The composite value of all properties is 0.6 percent lower March to March.
The graph shows a 2.7 percent rise from February to March for the average condominium sale price in Metro Vancouver. This March compared to last March, the overall benchmark price of an apartment is down 0.9 percent. Year to year condo sales volume dips 10.2 percent.
Vancouver east apartment prices are 1.3 percent less last month than March 2024. March to March east side apartment sales fall 16.7 percent. Year to year east side condo inventory is 25.5 percent lower.
From February to March, east side apartment sales rise 14.1 percent. Month to month inventory jumps 30.3 percent.